Company registration number 10800274 (England and Wales)
SHAPERS (WEST MIDLANDS) LIMITED
Unaudited Financial Statements
for the Year Ended 30 June 2023
SHAPERS (WEST MIDLANDS) LIMITED
Contents
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 6
SHAPERS (WEST MIDLANDS) LIMITED
Company Information
- 1 -
Director
Miss J Taroni
Company number
10800274
Registered office
New Park Farm London Road
Bassetts Pole
Sutton Coldfield
UK
B75 6JZ
Accountants
RCH Accountants Limited
Wellfield House
Temple Street
Llandrindod Wells
Powys
LD1 5HG
SHAPERS (WEST MIDLANDS) LIMITED
Balance Sheet
As at 30 June 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
155,951
168,123
Current assets
Stocks
25,000
25,000
Debtors
5
1,616
3,331
26,616
28,331
Creditors: amounts falling due within one year
6
(164,133)
(161,101)
Net current liabilities
(137,517)
(132,770)
Total assets less current liabilities
18,434
35,353
Creditors: amounts falling due after more than one year
7
(57,350)
(60,549)
Net liabilities
(38,916)
(25,196)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(38,917)
(25,197)
Total equity
(38,916)
(25,196)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 19 March 2024
Miss J Taroni
Director
Company registration number 10800274 (England and Wales)
SHAPERS (WEST MIDLANDS) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
- 3 -
1
Accounting policies
Company information
Shapers (West Midlands) Limited is a private company limited by shares incorporated in England and Wales. The registered office is New Park Farm London Road, Bassetts Pole, Sutton Coldfield, UK, B75 6JZ. The principal place of business is Shapers, 43 Avery Road, Sutton Coldfield, UK, B73 6QB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date the company had net current liabilities of £137,517 (2022 - £132,770) and total net liabilities of £38,916 (2022 - £25,196). However creditors includes a loan from the director of £87,323. On the basis of her continued support, the director considers it appropriate to prepare these accounts on the going concern basis.
1.3
Turnover
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises Turnover when:
The amount of Turnover can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and Buildings
Over 10 years
Furniture,fittings and equipment
10% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
SHAPERS (WEST MIDLANDS) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
1
Accounting policies
- 4 -
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
SHAPERS (WEST MIDLANDS) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
1
Accounting policies
- 5 -
1.10
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
3
SHAPERS (WEST MIDLANDS) LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2023
- 6 -
4
Tangible fixed assets
Land and buildings
Furniture, fittings and equipment
Total
£
£
£
Cost
At 1 July 2022
65,000
153,216
218,216
Additions
3,500
3,500
At 30 June 2023
65,000
156,716
221,716
Depreciation and impairment
At 1 July 2022
50,093
50,093
Depreciation charged in the year
15,672
15,672
At 30 June 2023
65,765
65,765
Carrying amount
At 30 June 2023
65,000
90,951
155,951
At 30 June 2022
65,000
103,123
168,123
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
699
2,449
Prepayments and accrued income
917
882
1,616
3,331
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,921
31,494
Trade creditors
6,190
7,915
Taxation and social security
5,414
7,118
Other creditors
119,182
110,388
Accruals and deferred income
2,426
4,186
164,133
161,101
7
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
57,350
60,549